THE IMMIGRATION PROBLEM 
114 
These are the leading concerns through which immi 
grant banks transmit money abroad. 
The amount of money sent out from Massachusetts 
in international money orders at United States Post 
Offices in 1912 equalled $6,214,009.80. This, of 
course, represented only a part of the amount of 
money sent abroad, but indicates that the total sent 
from the United States in any one year runs into 
very large figures. 
The remittances of immigrant bankers formed 
probably 90 per cent, of the total amount of money 
sent abroad each year by the above companies. It 
appears, therefore, that approximately $125,000,000 
was sent abroad, through these agencies by immigrant 
banking establishments in 1907. The influence of the 
period of financial depression after that year is ap 
parent, transmissions through these nine houses fall 
ing from $141,047,381.92 in 1907 to $77,666,035.46 
in 1908. 
It is important to recognize that these transmittals 
of money do not properly constitute foreign exchange 
as it is commercially and economically understood. 
They are not commercial payments arising out of im 
ports or the expenditures of tourists, but represent 
savings withdrawn from circulation here, and sent 
abroad ifor the support of families, for payment of 
debts contracted prior to or in coming to this country, 
for investment, or for accumulation for future ex 
penditures there. 
During 'the serious industrial depression following 
the financial breakdown of November, 1907, a great 
many alien workmen withdrew their deposits from 
the banks and returned to their native lands. Those 
without savings, many of whom had been in the